Successful real estate wholesalers are good at anticipating what customers need. Sometimes you do this using instinct. But what if you could better understand how humans make decisions and the role the brain plays in this process?
Neuromarketing is a field of study that combines information from modern studies, experiments, psychology and other scientific knowledge about the brain and leverages it to predict and understand customers’ behavior. It basically helps marketers figure out why clients, in our case sellers, make the decisions they do. Big corporations have been using neuromarketing for years.
How You Can Use Neuromarketing To Your Advantage
There are several ways you can benefit from neuromarketing. Neil Patel wrote an article for Inc.com that details three specific tips.
- Involve as many senses as possible. For example, on your website, of course you’ll use sight because someone is looking at it. Can you also bring in hearing by adding some audio? Wouldn’t it be great if you could also incorporate smell and taste into your website experience as well? Let me know when you find a vendor who can offer that.
- Go for emotional responses. Feelings are what drive consumers to make decisions. Even people who think they’re making decisions based on logic are highly influenced by their emotions. To be successful, you must target emotions in your marketing. Numbers, statistics and charts affect a seller’s rational brain, but it’s the stories you tell and pictures you create in their minds that will draw a stronger response.
- Poke at their pain. It turns out that the desire to avoid pain is much greater than the desire to gain pleasure. According to neuromarketing experts, “the brain’spainavoidance response is almost three times stronger than the brain’s pleasure seeking response.” Instead of talking about how great it will feel for sellers to be rid of the burden of their house, focusing on how much pain they’re in now or how they can avoid further discomfort may be the more effective way to go.
Mental Fatigue & The Will To Survive
Jonathan Levav, a Columbia University researcher found that mental fatigue plays a role in decision-making. The study showed that “judges at parole hearings tended to slip into the easier decision of denying parole when they were tired or hungry.” You can apply this insight to your sales calls. When you’re meeting a seller for the first time and presenting them with information requiring real thought, ideally you’d want to meet when they are mentally fresh – early morning or after they’ve returned from some kind of break in their day. If you’ve already met with them and are returning for further discussion or to get a signature on their agreement, you’d want to do it when a seller is tired or hungry – at the end of the day or just before lunch.
It’s probably not news to you that humans have a will to survive circumstances they perceive as dangerous or risky. Before making a decision regarding the sale of their house, sellers subconsciously consider how they might incur a financial loss and how it will affect their well-being. So you may need to allay these concerns and appeal to the seller’s instincts of self-interest and self-preservation.
If you’re interested in turning largely intuition-based decisions into optimized, targeted and measured marketing, you can find an entire section of books on the topic of consumer behavior on Amazon. Additionally, you can read the trade and academic journals for psychology, sociology, marketing and neurology. Or more easily, search online for articles on the topic of neuromarketing; new ones are publishing all the time.